The Dow Jones Industrial Average rose slightly on Tuesday as investors awaited the results of the US midterm elections, which may affect future levels of government spending and regulation.
The Dow gained 128 points, or 0.4%, on track for the third day in a row. But the broader S&P 500 index was flat, weighed down by losses in Amazon and Tesla. The Nasdaq Composite Index fell 0.2%.
shares Lift It fell nearly 20% while Take-Two Interactive. interactive And the Tripadvisor Each fell more than 18% after announcing disappointing quarterly results.
while, Kohl’s stock jumped more than 7% After the supermarket chain announced the departure of its CEO next month.
The moves come after a day in which all major indicators achieved a second consecutive positive session. The Dow Jones Industrial Average closed up 423.78 points, or 1.31%. Meanwhile, the S&P 500 rose 0.96%, and the Nasdaq Composite rose 0.85%.
Investors await the results of the midterm elections on Tuesday. They will determine which party controls Congress and direct future policy and spending. Market participants will be watching whether Republicans regain the House, the Senate, or both.
“The financial market reaction to the Republican victory should be muted, as the House outcome is already widely expected, and the Senate outcome makes less of a difference to policy outcomes if Republicans control the House,” Jan Hatzius of Goldman Sachs. Written in a note on Monday.
“The Democrats’ surprise win in the House and Senate is likely to weigh on stocks, as market participants may expect additional increases in corporate tax,” Hatzius added.
Wall Street will also keep a close eye on Thursday’s CPI report for the latest data on how much the Fed’s rate hike will affect higher inflation. This reading may also indicate the central bank’s path forward – another hotter than expected report that could encourage the Fed to raise interest rates aggressively in December.
Earnings season continues this week. Tuesday, lucid group, Walt Disney And the AMC Entertainment They all report their latest quarterly results.
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